WSJ:

Crude oil futures in London fell Sunday as Hurricane Rita failed to deliver the same blow to U.S. production and refining facilities as its predecessor Katrina. “We agree that Nymex has further to fall; there was already a glut of crude that the current precautionary shutdowns can only worsen,” said oil analysts at SG Securities in Paris.

Moreover, the refineries were largely undamaged by Rita. So, as we have discussed, we keep waiting for this crazy bubble of $60-70 oil to burst. Maybe someday we’ll be right.

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